順豐同城開啟招股，你會參與認購嗎？
IPO | SF Express is now offering shares in Tongcheng, introducing Taobao and Hello Travel as the cornerstone
Futu News, November 30, this Tuesday$SF INTRA-CITY (09699.HK)$ The announcement was announced that the shares will be offered from November 30 to December 7. The company plans to issue approximately 131 million shares, including a public sale of about 13.12 million shares and an international sale of approximately 118 million shares, with an issue price of HK$16.42-17.96 per share, and 200 shares per lot. It is expected to be listed on December 14.
SF Express Tongcheng was initially a division of SF Holdings Group. Since 2019, it has achieved independent and corporate operation. The company uses a full-scenario business model to cover all distribution scenarios for various products and services. The company's services cover a wide range of scenarios, from mature scenarios (such as food and beverage takeout) to incremental scenarios (such as retail in the same city, near-field e-commerce and near-field services).
According to iResearch's report, the company has rapidly grown into the largest third-party real-time delivery service platform in China. In the three months ended March 31, 2021, its market share reached 11.1% in terms of order volume.
In terms of financial data, the company's total revenue from FY2018 to FY2020 was RMB 993 million, RMB 2.07 billion, and RMB 4.843 billion respectively, with a compound annual growth rate of 120.8%; net losses of RMB 328 million, RMB 470 million and RMB 758 million were recorded during the same period. In the first five months of 2021, the company recorded total revenue of 3,046 billion yuan, an increase of about 113% over the previous year, and a net loss of 353 million yuan.
On the industry side, considering the continuous expansion of service scenarios and the innovation of new business formats and consumption models, the instant delivery service industry has huge potential for growth. The annual order volume of China's instant delivery service industry is expected to further increase to 79.5 billion orders in 2025, with a compound annual growth rate of 30.5% from 2020 to 2025.
In terms of Cornerstone investors, the two Cornerstone investors agreed to subscribe for the number of shares to be subscribed at the sale price, totaling approximately HK$890 million, including Taobao China Holdings and Hello Inc. (Hello Inc.).
In terms of fund-raising purposes, the net proceeds of the company were HK$2,129 billion (based on the median issue price, assuming that the over-allotment rights were not exercised). According to the prospectus, the company intends to use the net proceeds from the sale of shares for the following purposes:
Approximately 35% is expected to be used for R&D and technical infrastructure;
Approximately 20% is expected to expand service coverage, including scenario coverage and geographical coverage, and expand the capacity pool;
Approximately 20% is expected to fund potential strategic acquisitions and investments in upstream and downstream businesses in the industry's value chain to supplement and expand business operations;
Approximately 15% is expected to be used for marketing and brand promotion;
Approximately 10% is expected to be used for working capital and general corporate purposes.
Northern/Aurora
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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